0001738080 2026-01-01 2026-06-30 0001738080 bf6:C000202338Member 2026-01-01 2026-06-30 0001738080 bf6:C000202336Member 2026-01-01 2026-06-30 0001738080 bf6:C000202337Member 2026-01-01 2026-06-30 0001738080 bf6:C000202339Member 2026-01-01 2026-06-30 0001738080 bf6:C000202338Member 2026-06-30 0001738080 bf6:C000202336Member 2026-06-30 0001738080 bf6:C000202337Member 2026-06-30 0001738080 bf6:C000202339Member 2026-06-30 pure iso4217:USD bf6:Holding N-CSRS 0001738080 N-1A false BlackRock Funds VI 2026-06-30 BlackRock Advantage CoreAlpha Bond Fund Institutional Shares BCRIX This semi-annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report The Fund invests all of its assets in the Advantage CoreAlpha Bond Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio II.  You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762. blackrock.com/fundreports (800) 441-7762 <div style="margin-top: 0; margin-right: 0; margin-bottom: -0.18pt; margin-left: 0; font-family: 'Arial'; font-kerning: none; font-weight: bold; font-size: 10pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">What were the </div> <div style="font-weight:bolder;display:inline;">Fund</div> <div style="font-weight:bolder;display:inline;"> costs for the </div> <div style="font-weight:bolder;display:inline;">last six months</div> <div style="font-weight:bolder;display:inline;">?</div> </div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none;">(based on a hypothetical $10,000 investment)</div> <table style="text-align:start; margin-top: 2pt; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/>$10,000 investment</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Institutional Shares</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt; white-space: nowrap;"><div style="float: none;display:inline;">$</div>14<div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)</div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt; white-space: nowrap;">0.29<div style="display:inline;">%</div><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)(b)</div></td></tr></table> <table style="text-align:start; margin-top: 2pt; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)</div></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;">Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. </div></td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(b)</div></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;">Annualized.</div></td></tr></table> 14 0.0029 Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. <table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-top: 0; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;"></td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;"><div style="float: none;display:inline;">$</div>634,527,969</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">1</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Portfolio Turnover Rate of the Master Portfolio</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt;">71<div style="display:inline;">%</div></td></tr></table> 634527969 1 0.71 BlackRock Advantage CoreAlpha Bond Fund Investor A Shares BCRAX This semi-annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report The Fund invests all of its assets in the Advantage CoreAlpha Bond Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio II. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762. <div style="margin-top: 0; margin-right: 0; margin-bottom: -0.18pt; margin-left: 0; font-family: 'Arial'; font-kerning: none; font-weight: bold; font-size: 10pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">What were the </div> <div style="font-weight:bolder;display:inline;">Fund</div> <div style="font-weight:bolder;display:inline;"> costs for the </div> <div style="font-weight:bolder;display:inline;">last six months</div> <div style="font-weight:bolder;display:inline;"><div style="display:inline;">?</div></div> </div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none;">(based on a hypothetical $10,000 investment)</div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 2pt;"> <table style="text-align:start; margin-top: 2pt; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/>$10,000 investment</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor A Shares</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt; white-space: nowrap;"><div style="float: none;display:inline;">$</div>27<div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)</div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt; white-space: nowrap;">0.54<div style="display:inline;">%</div><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)(b)</div></td></tr></table> <table style="text-align:start; margin-top: 2pt; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)</div></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;">Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. </div></td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(b)</div></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;">Annualized.</div></td></tr></table></div> 27 0.0054 Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. <table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-top: 0; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;"></td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;"><div style="float: none;display:inline;">$</div>634,527,969</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">1</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Portfolio Turnover Rate of the Master Portfolio</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt;">71<div style="display:inline;">%</div></td></tr></table> 634527969 1 0.71 BlackRock Advantage CoreAlpha Bond Fund Investor C Shares BCRCX This semi-annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report The Fund invests all of its assets in the Advantage CoreAlpha Bond Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio II.  You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762. blackrock.com/fundreports (800) 441-7762 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 5pt;"></div> <table style="text-align:start; margin-top: 2pt; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/>$10,000 investment</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor C Shares</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt; white-space: nowrap;"><div style="float: none;display:inline;">$</div>64<div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)</div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt; white-space: nowrap;">1.29<div style="display:inline;">%</div><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)(b)</div></td></tr></table> <table style="text-align:start; margin-top: 2pt; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)</div></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;">Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. </div></td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(b)</div></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;">Annualized.</div></td></tr></table> 64 0.0129 Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. <table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-top: 0; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;"></td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;"><div style="float: none;display:inline;">$</div>634,527,969</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">1</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Portfolio Turnover Rate of the Master Portfolio</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt;">71<div style="display:inline;">%</div></td></tr></table> 634527969 1 0.71 BlackRock Advantage CoreAlpha Bond Fund Class K Shares BCRKX This semi-annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report The Fund invests all of its assets in the Advantage CoreAlpha Bond Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio II.  You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762. blackrock.com/fundreports (800) 441-7762 <div style="margin-top: 0; margin-right: 0; margin-bottom: -0.18pt; margin-left: 0; font-family: 'Arial'; font-kerning: none; font-weight: bold; font-size: 10pt; color: rgb(0, 0, 0);"><div style="font-weight:bolder;display:inline;">What were the </div> <div style="font-weight:bolder;display:inline;">Fund</div> <div style="font-weight:bolder;display:inline;"> costs for the </div> <div style="font-weight:bolder;display:inline;">last six months</div> <div style="font-weight:bolder;display:inline;">?</div> </div><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none;">(based on a hypothetical $10,000 investment)</div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 2pt;"> <table style="text-align:start; margin-top: 2pt; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; line-height: 11pt; background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/>$10,000 investment</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Class K Shares</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt; white-space: nowrap;"><div style="float: none;display:inline;">$</div>12<div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)</div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt; white-space: nowrap;">0.24<div style="display:inline;">%</div><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)(b)</div></td></tr></table> <table style="text-align:start; margin-top: 2pt; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(a)</div></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;">Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. </div></td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; padding-top: 0; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; vertical-align: top; text-indent: 0;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"><div style="vertical-align: 0.5em; font-size: smaller; line-height: 0;display:inline;">(b)</div></div></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 100%;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;">Annualized.</div></td></tr></table></div> 12 0.0024 Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. <table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(255, 206, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: bottom; width: auto; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-top: 0; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;"></td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;"><div style="float: none;display:inline;">$</div>634,527,969</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">1</td></tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; overflow-x: hidden; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt; text-indent: -6pt;">Portfolio Turnover Rate of the Master Portfolio</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 1.6pt; padding-left: 6pt;">71<div style="display:inline;">%</div></td></tr></table> 634527969 1 0.71 Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.  Annualized. Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.